FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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S&P Global On Housing Affordability

US OUTLOOK/OPINION
  • A report by S&P Global notes the growing challenges facing US housing affordability, with low affordability already cutting 40% of households out of the market for starter homes with a forecast of this rising to 60% by end-2025.
  • A greater share of fixed rather than floating mortgages helps limit exposure to climbing rates but prospective homeowners will be vulnerable to higher monthly payments.
  • That’s further supported by the slide in today’s existing home sales to the lowest since Jul’20, and weekly MBA mortgage applications poking through last month’s low for the lowest since 1999 as soaring mortgage rates bite.
  • Full report: https://www.spglobal.com/ratings/en/research/articles/220720-economic-research-the-american-dream-may-no-longer-be-in-reach-12440592
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